AMP Retirement Savings Account

It is never too early to start saving for retirement. It is difficult, however, to know from which financial vehicle to choose. The AMP Retirement Savings Account makes the choice a simple one.

Who Is AMP?

AMP is a financial services company that has been serving Australians and New Zealanders for nearly 160 years. They were founded back in 1849 and the company helped to shape the financial landscape for New Zealand and Australia. They have helped scores of clients to find financial security, feel safe and stable and fund projects from various sectors.

They know how to provide the balance between safety and performance. They help their customers by providing guidance with their financial planning. Here are some other their other products.

• Superannuation, income for retirement and other individual products.
• Services for superannuation for businesses and other programmes that are employer-sponsored.
• Protection for income products in addition to insurances for disability, life and general.

• Some projects through banks
• Investment products that include shares fixed interest and also infrastructure and property.

The company’s CEO is Craig Dunn and AMP has approximately 980,000 shareholders. They currently have over 6,000 employees. The profile for their financial planners is that nearly 3,000 are self-employed and permanently employed advisers and planners. They also have relationships with over 6,000 independent advisers.

While AMP has a concentrated presence in Australia and New Zealand, they also have offices around the world. These are the worldwide locations.

Australia

• Adelaide
• Hobart
• Brisbane
• Perth
• Adelaide
• Melbourne

New Zealand

• Auckland
• Wellington
• Christchurch

Around the World

• London
• Beijing
• Mumbai
• Singapore
• Tokyo
• New York
• Bahrain

What Is The AMP Retirement Savings Account?

This is an excellent account that is geared towards individuals who yearn for simplicity when it comes to savings. It is a safe and trusted method to grow your money. It is also ideal for employers who are looking for a way to meet their savings obligations for their employees.

A Closer Look At The Account

This account can really be helpful to just about anyone. Whether you are young and just getting your savings started or if you are getting on with your years and want to start saving aggressively, this account will help you do that. It can work just as easily for the casual and part-time savers and also for those that have irregular employment.

If you are an employer and are seeking a way to meet your Choice of Fund obligations, this account can satisfy that requirement.

The only caveat is that currently they are no longer accepting new applications from individuals or applications that are sponsored through employers. Existing clients of AMP will not have their accounts affected. In fact, you can even add a new employer to your account, if need be.

If you are a current sponsoring employer, it will not affect the account you currently hold. You can continue to use it and transact as usual and/or make any changes. Adding new employees is also accepted.

Main Features To Consider

• The process and maintenance is quick and easy – This account is extremely easy to establish and to use.
• It is flexible – This account provides you the ultimate in flexibility allowing you to contribute as much into the account as you want or as little as you can. You can also add savings whenever you wish.
• You are secure – You can feel safe because your investments will never go down except for charges assessed by the government.
• No fees – You will find that you are not charged for entrance or exit fees. This is a nice bonus compared to other financial services companies.
• Crediting rates that are tiered – If you carry a higher balance then you will receive a higher crediting rate. AMP Life Limited will guarantee that your return rate is never negative.

Here is how the tiered crediting rates works:

If your balance is $0 – $999.99 then the rate is 0.0%. Balances from $1,000 to $2,499.99 are given a rate of 2.05%. Balances of $10,000 to $49,999.99 will be give a rate of 3.30%. If you have a balance of $50,000 or more, you are given a rate of 3.50%

• The rates that are shown are rates that are annualised and that come after deducting fund expenses and the earnings tax.
• These crediting rates that are shown will be applied to your entire daily balance and will depend on the amount that you have for your balance.
• The rates are determined beforehand and may change by either increasing or decreasing at any time and without providing any prior notice. The notes indicated are not a predictor of crediting rates in the future.

Contributing To Your AMP Retirement Savings Account

If you want to start saving right away, it is easy with your AMP Retirement Savings account. You can choose to either pay by cheque or money order. If you are going to pay by cheque, you should make your cheque payable to AMP Life Limited. In addition to the cheque, you should also send your name, your membership number and the name and number that your plan is.

These modes of payment can be forwarded to:

“AMP Retirement Savings Account – Locked Bag 300, PARRAMATTA NSW 2124”

Making Personal Contributions

If you want to make a personal contribution, you must use the Biller Code - 6528. You should also include your CRN or Customer Reference Number. You will be able to gain access to this number if you log into the “MyPortfolio” portion of your account. It is also located on your annual statement.

If you have any questions, you can call “1300-300-288” and someone will be able to assist you.

How To Make Employer Contributions

If you are an employer, it is simple to make a contribution to your account. You just need to use the Biller code – 879106 in addition to your CRN or Customer Reference Number. This can be found in the MyPortfolio section of your account or you can also find it on your statement that comes annually.

Consolidating a Super Into An AMP Retirement Savings Account

If you have a super and are interested in consolidating it into a Retirement Savings Account, you can do so by going onto their website. There is a form that you can download. Once you have filled it out, you must sign the authorisation and then attach the required identity documents and then send your form to the fund.

If you are looking for a retirement account that works for you without you having to work too hard then you have found it in the Retirement Savings Account at AMP.